In the crypto world, Congress has been active with various developments. David Sacks, the country's first AI and crypto "czar," held a press conference to express a commitment to promoting digital asset innovation in the US. Additionally, a new bicameral crypto working group was introduced by House and Senate Committee leadership. Senator Bill Hagerty also introduced a stablecoin bill, resembling previous legislation with a focus on reserve requirements and audits. The Senate Banking Committee held a hearing to discuss debanking and "Operation Chokepoint 2.0." There are reports that the FDIC plans to adjust its crypto guidelines to allow banks to participate in some crypto activities. The hearing revealed bipartisan agreement on the issue of debanking, but differing opinions on the causes and solutions. Democrats emphasized individual customers, while Republicans argued against forcing banks to service all customers. The Consumer Financial Protection Bureau (CFPB) was mentioned as an agency actively working to prevent debanking, but conflicting views were expressed on the role of federal regulators. The hearing also saw Democrats raising concerns about DOGE, Elon Musk's task force, and its access to the Treasury's payments system. Politics is posing challenges for the crypto industry's recent progress.



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